1. Opening Hook
So while PSU insurers are still crying about Air India claims, Navin Fluorine just threw a fluorine-fuelled rave. Revenue jumped 39%, EBITDA more than doubled, and PAT rocketed 129%. Not bad for a company that sells gases you can’t even pronounce at dinner parties.
The CMD flexed about a ₹750 Cr QIP like it was an IPO afterparty, and analysts lined up to ask how many molecules can fit into one balance sheet. Spoiler: management swears they’ll deliver “value over volume,” but investors heard “129% PAT” and stopped listening.
2. At a Glance
- Revenue up 39% (₹725 Cr) – Fluorine is clearly the new caffeine.
- EBITDA up 106% (₹207 Cr) – Doubling margins is the new yoga.
- PAT up 129% (₹117 Cr) – Analysts didn’t even bother checking segments.
- EBITDA margin at 28.5% – From 19.5% last year; fluorine is inflation-proof.
- Capex frame ₹700–1,000 Cr – CFO’s way of saying “don’t ask which project, just trust.”
- Net Debt/Equity 0.34x – Even after QIP, balance sheet fitter than a marathon runner.
3. Management’s Key Commentary
Chairman Vishad Mafatlal:
“We delivered yet another good quarter.”
(Translation: We’ve stopped making excuses. Now we brag.)
On R32 project:
“Commercialized in March, running at optimal capacity.”
(They’re minting money from gases cooling your AC while heating their EBITDA.)
On AHF project:
“Target completion Q2 FY26 with Buss ChemTech tie-up.”
(Fancy way of saying, ‘Swiss partner handles brains, we handle pipes.’)
On Specialty Chemicals:
“3 new
